CareTech Solutions, an information technology and Web products and services provider for more than 200 hospitals, Thursday announced a five-year, $120 million renewal of its IT outsourcing contract with Dearborn-based Oakwood Healthcare.

In a move designed to reduce costs and promote a more collaborative work environment, the corporate services division of Oakwood Healthcare Inc. is moving 650 employees into two single-story buildings located at 15500 Lundy Parkway in Dearborn.